New Jersey Assembly Bill A4445

New Jersey 2024-2025 Regular Session

• Introduced: 5/20/24
• Refer: 5/20/24

Caption

Makes FY 2024 supplemental appropriation of $30 million to DCA for Neighborhood Revitalization Tax Credit program.

Impact

The bill's appropriation seeks to expand the financial support available for the existing Neighborhood Revitalization Tax Credit program, which is typically funded by business entities through tax credits capped at $15 million annually. By providing an additional $30 million, A4445 is expected to significantly increase the amount of available grants for community non-profits, thereby enhancing local services, infrastructure, and overall quality of life in targeted neighborhoods. This effort underscores the state's commitment to community development and poverty alleviation.

Summary

A4445 proposes a supplemental appropriation of $30 million from the General Fund to support the Department of Community Affairs' (DCA) Neighborhood Revitalization Tax Credit program for fiscal year 2024. This program aims to provide grants to nonprofit organizations that implement revitalization plans in low and moderate-income neighborhoods. The intent of this funding is to enhance local improvements that would contribute to the overall health and vitality of affected communities.

Contention

Discussions around A4445 may reveal points of contention, particularly regarding the efficacy of such tax credit programs and their impact on local economies. Some stakeholders may argue whether the additional funding is enough to address chronic urban issues and if the focus on tax credits is the best approach for fostering sustainable community development. Critics may also raise concerns about dependency on state funding and the effectiveness of revitalization plans in producing long-lasting positive change in struggling neighborhoods.